International rules

Documentary credits are subject to a set of international rules entitled Uniform Customs and Practice for Documentary Credits (UCP), ICC Publication No. 600.

The rules are set forth by the International Chamber of Commerce (ICC) in Paris and are used by most banks worldwide.

International Standard Banking Practice (ISBP) for the Examination of Documents under Documentary Credits is a checklist of best practice worldwide for checking documents under UCP. The most recent revision of ISBP in 2013 was intended to compliment UCP600 and reduce the number of documents being rejected by encouraging a uniformity of practice worldwide.

Standby letters of credit are usually subject to the same rules as commercial documentary credits, that is, UCP 600. But a growing number of standby documentary credits are subject to a newer set of rules, known as ISP98, which deals solely with this type of documentary credit.

If your standby documentary credit is subject to ISP98, this must be shown in the documentary credit. ​​​​

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